Mondadori buys Radio 101 One-O-One
After due diligence: final price fixed at €39.6 million
Arnoldo Mondadori Editore S.p.A. announced that it had finalised, through its subsidiary Monradio S.r.l., the acquisition of the business activities concerning:
– the exercise of the radio broadcasting activities of Radio 101 One-O-One;
– the exercise of radio broadcasting activities associated with the airing in the Italian territory of a foreign radio station.
The transaction was completed as per the agreement reached by the parties on 30th July 2004 and previously communicated to the market.
The final price – following completion of technical, legal, accounting and fiscal due diligence – has been fixed at €39.6 million.
Mondadori has also acquired 10% of Rock FM S.r.l., the holder of two local commercial radio licences (Rock Fm and Radio Milano International) on the basis of an evaluation of €2.7 million for 100% of the company: 90% of Rock FM S.r.l. is owned by the Greek company Attica Publications S.A. (of which Mondadori owns 40%), which is already active in the radio sector through the station Athens Radio Dee Jay.
The Board of Directors of Monradio has deliberated to entrust the operating management of the new radio business to Carlo Mandelli, who has been appointed company’s Managing Director. The Chairman of the company is Maurizio Costa.
The acquisition remains subjected to authorisations from the Italian competent Authority.